Homeowner equity has been on the rise, but for the first time in several quarters, negative equity has begun to increase as well. According to a recent report from CoreLogic, a provider of property data, homeowners with mortgages gained $425 billion in equity in Q3 2024—a 2.5% year-over-year increase that brought total net homeowner equity to more than $17.5 trillion. Despite this, negative equity saw its first quarterly increase since late 2022, rising by 3.5% compared with Q2 2024. However, on a year-over-year basis, negative equity declined by 3%, with 30,000 fewer homes in negative equity compared with Q3 2023.
States in the Northeast, where equity gains are strongest, also saw the most home price growth. Prices in New Jersey and Rhode Island reached new highs in October, with these states claiming the top two spots for year-over-year price gains, rising 8.1% and 7.5%, respectively. In tandem with the home price gains, homeowners saw the largest equity gains in these northeastern states. Read more